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I started subscribing to  $Fullerton SGD Cash Fund (SG9999005961.MF)$
when moomoo offered SGD 90 cashback for starting a Regular Savings Plan (RSP) of at least SGD100. In total, I placed SGD500. There was another SGD8.80 cash coupon for investing at least SGD100 in any fund so I subscribed another S$100.
While inv...

Renowned private equity firm TPG has submitted paperwork for an initial public offering in the United States, according to a regulatory filing on Thursday. The firm expects to list on the Nasdaq under the symbol "TPG."
It didn't reveal the number of shares it plans to sell or the indicative price range, but knowledgeable sources told The Wall Street Journal in June that it could be valued at $10 billion.
J.P. Morgan, Goldman Sachs, Morgan Stanley, TPG Capital BD LLC and BofA Securities are the lead underwriters for the offering.
Founded in 1992 by David Bonderman and Jim Coulter, TPG was launched as Texas Pacific Group in Mill valley, California and is known for its leveraged buyouts.
The firm is an early investor in businesses such as Uber Technologies Inc. and Airbnb Inc. According to its SEC filing, it had $109 billion in assets under management as of Sept. 30.
TPG is one of the last big private equity firms to join the stock market. Its main peers have gone public already, including Apollo Global Management (AINV) , Blackstone (BX) , Carlyle Group (CG) and KKR (KKR) . Their stocks have skyrocketed this year, which have risen between 43% and 94% so far this year.
Overall, TPG has investments in more than 280 companies. The firmhas invested across sectors from retail to healthcare. Its first major investment was in the then bankrupt Continental Airlines in 1993. Its portfolio includes Airbnb Inc (ABNB.O), Burger King, Uber Technologies Inc (UBER.N) and Spotify Technology SA (SPOT.N).
TPG has also launched several sector and region focused funds, including TPG Biotech and a growth equity platform which invested in online survey company SurveyMonkey (MNTV.O).
The company’s entertainment investments have included CAA, DirecTV, Entertainment Partners, Fandom, Spotify, STX Entertainment, Univision and Vice Media. CAA, for its part, in September announced plans to acquire ICM Partners.
TPG was also among the first private equity firms to invest in China, its website showed.
TPG generated revenue of $659.08 million and $685.12million in the nine months ended September 30, 2020 and 2021, respectively, representing year-over-year growth of 4%.
Fees and other revenues decreased by $148.5 million or 14% during thefiscal year 2019 ended December 31 and 2020. The decrease primarily consists of reductions in management fees and incentive fees, which was partially offset by an increase in transaction fees.
Click to view the prospectus
$TPG Inc (TPG.US)$ $Blackstone (BX.US)$ $The Carlyle Group (CG.US)$ $KKR & Co (KKR.US)$ $Uber Technologies (UBER.US)$ $Airbnb (ABNB.US)$ $Spotify Technology (SPOT.US)$ $Momentive Global (MNTV.US)$

I started on my trading journey this year and I regret not starting earlier! But I guess it's better late than never right?
My first stock purchase was $POP MART (09992.HK)$ and also the very first stock I managed to sell and make a profit.
Unfortunately, I'm making quite a large margin of losses right now as I reentered at the 'wrong' time.
Fortunate to have gotten 1 free $Apple (AAPL.US)$ stock from Moomoo but also regretted not buying more when I first started.
It seems like a journey of regret, loss and missed opportunities, but more importantly, I was taught the value of patience, good planning and timing.
Profits come and go as with losses, and what I've learnt is that patience is virtue.
What a roller coaster ride but it has been an interesting journey.
At the end of the day, there's no best price but the most suitable price, depending on time of entry and exit.
Hoping for less losses and more profits in 2022 as I continue to learn and grow!

$Alibaba (BABA.US)$ this business has strong fundamental. however, it also greatly affected by the government rules and regulation…. so can we really use the same methodalogy to evaluate this company?

$BABA-W (09988.HK)$
I once worked for a software company as a swe,  where during the onboarding process, we only got chromebooks as equipments.  Later on i found that everything related work had moved to the cloud side, there is no need for local computing power. I believe in a few years this could be the next explosion point, it provide too many advantages compare to how we use computer right now. there would be no need to update the hardware, carry it, getting newest graphic cards... and it would be cheaper, since computing power is shared. and unlimit computing power at finger tips on any screen. This could very well get ride of the whole pc thing completely.
For now Cloud computing is only applied to Businesses. Due to there is less number of tech companies existed in China than the US, and there are still a lot of businesses has not moved to Clouds yet. China's Cloud businesses stays super underdeveloped.

$Blackstone (BX.US)$As part of the realizations in Q3-21 (of $7 billion), Blackstone announced the sale of Las Vegas' The Cosmopolitan for $5.65 billion. It was the "most profitable single-asset sale" it ever made.
We're intimately familiar with the Las Vegas market considering our outsized exposure in $VICI Properties (VICI.US)$.
"Blackstone has experience in Las Vegas, as the company acquired the Cosmopolitan in 2014 from Deutsch Bank for $1.73 billion, after the previous owner defaulted on the loan in 2008…
And it appears to be ramping up its quest to become a dominant 'iconic resorts' landlord. The private equity firm once owned the Boca Raton Club and more recently acquired Turtle Bay Resort in Oahu for $330 million."
Then there's Blackstone's other announcement this year of investing $4.25 to acquire the Bellagio resort.
"By utilizing this commonly used sale/leaseback approach, MGM (NYSE:MGM) signed a long-term lease with Blackstone and is paying annual rent in the amount of $245 million. The cap rate (net rent divided by purchase price) is said to be around 5.75%, an 'unprecedented price' according to an unnamed industry source."
That makes me feel a lot better with regard to the cap rate trends we're seeing in Las Vegas.
BREIT also just acquired industrial REIT WPT Industrial Real Estate Investment Trust for $3.1 billion. And BX recently launched BEPIF, a new vehicle focused on European real estate, with inflows to start in Q4-21.
Having recently returned from Paris and Barcelona, I'll be interested to see the progress of this new alternative.
Opening Up Blackstone's Credit and Insurance Business
Here are the facts and figures we have on this Blackstone segment:
- Total AUM Increased 31% to $188.4 billion, with inflows of $20 billion and $65.1 billion over the LTM.
- Total equity rose to $8.4 billion life to date and total global direct lending AUM to $47.9 billion.
- Its latest mezzanine/opportunistic strategy had $1 billion of inflows for total investable capital of $8.7 billion.
- The company closed on three new collateralized loan obligations - one in the U.S. and two in Europe - for $1.6 billion and closed five CLO refinancings and resets (three U.S. and two European) for $2.3 billion.
- Realizations were $3.5 billion and $16.6 billion over the LTM.
- Capital deployed was a record $11.2 billion in the quarter, driven by $8.6 billion from U.S. direct lending and $29.7 billion over the LTM. And it committed an additional $11.2 billion that wasn't yet deployed in the quarter.
In BX's credit business, the company saw $65 billion of inflows in the last 12 months. And demand continues to be robust for direct lending and floating-rate liquid strategies alike.
The company's actively managed loan ETF - SPDR Blackstone Senior Loan ETF (NYSEARCA:SRLN) - is now the largest of its kind in the world at nearly $8 billion with a current yield of 4.6%.
Opening Up Blackstone's Private Equity Business
Blackstone once again showed great numbers here, as shown below:
- Total AUM increased 22% to $231.5 billion, with inflows of $7.4 billion and $27.5 billion over the LTM.
- Inflows included $2.1 billion for the fourth Blackstone Tactical Opportunities fund and $766 million for the second Corporate Private Equity Asia fund.
- Realizations were $10.8 billion for the quarter, including proceeds from Mphasis and Blue Yonder sales, and $35.2 billion over the LTM.
- Capital deployed was $10.2 billion in the quarter - for such sources as Ellucian, Sphera, and Hello Sunshine - and $33.5 billion over the LTM.
The company committed an additional $8.2 billion that wasn't yet deployed in the quarter, including for investments in Chamberlain Group and Interplex.
As for appreciation, its corporate private equity increased 9.9% in the quarter and 49.1% over the LTM. Tactical opportunities increased 2.3% in the quarter and 35.2% over the LTM. And secondaries increased 17.0% in the quarter and 52.8% over the LTM.
I was also intrigued to see BX's 65% interest in Grey Wolf Resorts for $2.9 billion. (Centerbridge, a private investment management firm, will retain the remaining stake).
Incidentally, VICI also has a hand in the pie, so to speak. The REIT recently announced it had entered into an arrangement with Great Wolf Resorts, in which it will provide some financing to build and develop Great Wolf Lodge resorts throughout the U.S.
First up, VICI will provide a $79.5 million mezzanine loan with an 8% interest rate to help develop the $250 million Great Wolf Lodge Mid-Atlantic in Perryville, Maryland. That project should be completed by the summer of 2023.
Opening Up Blackstone's Hedge Fund Solutions Business
Next up, let's look at these hedge fund solutions numbers. They might not be as lengthy as the other divisions, but we still like to see what Blackstone is doing here.
- Total AUM was $80.6 billion, with inflows of $3.3 billion and $9.7 billion over the LTM. (October 1 subscriptions of $1.1 billion are not yet included in that calculation.)
- BPS Composite gross returns were 1.3% or 1.1% net. That outperformed the HFRX Global Hedge Fund Return Index, which was down 0.1%. And LTM gross returns were 13.3% or 12.2% net, with significantly less volatility than the broader markets, compared to 8.9% return for the Index.
$Dow Jones Industrial Average (.DJI.US)$ $S&P 500 Index (.SPX.US)$ $NASDAQ 100 Index (.NDX.US)$

$Alibaba (BABA.US)$ Your brothers all started flying, and you're still lying down.

$Blackstone (BX.US)$At the end of Q3-31, Blackstone had $8.2 billion in total cash, cash equivalents, corporate treasury, and other investments. It also had $18.4 billion of cash and net investments, or $15.26 per share.
The company also has a $2.3 billion undrawn credit revolver and maintains A level ratings.
On August 5, 2021, it issued $650 million of seven-year notes at a 1.625% coupon… $800 million of 10.5-year notes at a 2.0% coupon… and $550 million of 30-year notes at a 2.85% coupon.
BX generated LTM fee-related earnings of $2.47 per share in Q3, a 36% increase year-over-year. And its LTM total segment distributable earnings were $6 billion, a 97% increase.
Analysts expect it will generate 58% earnings-per-share (EPS) growth in 2021, an extremely impressive forecast to say the least.
BX declared a $1.09 quarterly dividend to record holders as of November 1, 2021 - to be paid on November 8. And the payout has been $3.57 over the LTM.
Also, it repurchased 2.9 million common shares in Q3-21 and 6 million over the LTM. The dividend yield is currently 1.7%.
BX's price-to-earnings (P/E) is 35.4x compared to the peer group average of 21x:
Although I'll admit I don't put a lot of credence into private equity growth estimates… I thought it would be interesting to compare analyst estimates for BX and its public peers.
So here you go:
Clearly, BX's moat is getting wider by the day, as the 35x P/E valuation appears to be stretched. Nonetheless, it's hitting on all cylinders.
And thanks to its C-corp structure, average investors can invest alongside some of the greatest real estate investors on the planet.
$SPDR S&P 500 ETF (SPY.US)$ $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ $E-mini Dow Futures(DEC4) (YMmain.US)$

$UOB APAC Green REIT ETF (GRN.SG)$
first time ever subscribe IPO, and first time win. but place min bet only.

$GE Aerospace (GE.US)$'s decision to split into three companies has private-equity firms looking to carve up GE into even more pieces, the Financial Times reports.
"We are sharpening the pencils," one executive at a large, global alternative asset manager tells FT, who sees everything other than healthcare potentially selling off for a better price in the private marketplace than when it goes public.
GE's energy unit could be sold piecemeal, with RBC analyst Deane Dray telling FT that "any business in the power portfolio is considered non-core. Those would be perfect candidates for private equity."
The unit carries low margins and is forecast by analysts at CreditSights to generate just $1.3B in combined operating cash flow this year across a "hodgepodge of detached businesses."
Other areas of opportunity for alternative asset management giants such as $Apollo Global Management (APO.US)$. $Blackstone (BX.US)$ , $Brookfield Asset Management (BAM.US)$, $The Carlyle Group (CG.US)$ and KKR are said to include GE's 45% stake in $AerCap Holdings (AER.US)$ and the troubled long-term care insurance business.
"This is epochal," a P-E partner tells FT, calling GE's break-up the "death knell" of the conglomerate business strategy.
Dray's sum-of-the-parts model points to an implied valuation of ~$130/share.